LICR FUND INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1990

Legal Domicile

Principal Officer

XING CHEN

Phone

2124501500

Tax Period

2023-01-01 to 2023-12-31

LICR FUND INC, founded in 1990, is a mid-sized nonprofit in the Medical Research sector that reported $34.0M in total revenue in fiscal year 2023. Revenue fell 51% from the prior year — a significant decline worth monitoring. Expenses of $76.9M exceeded revenue, resulting in a 126% operating deficit.

Mission

LICR FUND, INC. IS A SUPPORTING ORGANIZATION OF THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD ("THE INSTITUTE") AND PROVIDES GRANTS AND/OR OTHER ASSISTANCE TO THE INSTITUTE TO SUPPORT THE INSTITUTE'S CONDUCT OF MEDICAL RESEARCH ACTIVITIES.

Program Service Accomplishments

Program 1

Expenses: $69,000,000

LICR FUND, INC. ("THE FUND") IS A NON-PROFIT DELAWARE CORPORATION THAT HOLDS A DIVERSIFIED PORTFOLIO OF INVESTMENTS FROM WHICH IT PROVIDES ANNUAL SUPPORT TO THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD ("THE INSTITUTE"). THE INSTITUTE IS EXEMPT UNDER IRC SECTION 501(C)(3) AND IS NOT A PRIVATE FOUNDATION BECAUSE IT IS A MEDICAL RESEARCH ORGANIZATION, DESCRIBED IN IRC SECTION 170(B)(1)(A)(III), ENGAGED IN MEDICAL RESEARCH INTO THE CAUSES AND CURE OF CANCER IN CONJUNCTION WITH QUALIFIED HOSPITALS. IN 2023 THE FUND PROVIDED GRANTS AND OTHER ASSISTANCE DIRECTLY TO THE INSTITUTE IN THE AMOUNT OF $69,000,000 TO SUPPORT THE INSTITUTE'S MEDICAL RESEARCH ACTIVITIES, INCLUDING LABORATORY RESEARCH AND CLINICAL TRIALS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $73,466

Program Service Revenue $0

Investment Income $33,937,721

Other Revenue $0

TOTAL REVENUE $34,011,187

Expense Breakdown

Grants Paid $69,000,000

Salaries & Benefits $255,000

Fundraising Expenses $0

Program Expenses $69,000,000

Other Expenses $7,684,694

TOTAL EXPENSES $76,939,694

Year-over-Year Comparison

	2023	2022	Change
Revenue	$34,011,187	$69,314,681	-0.5%
Expenses	$76,939,694	$83,766,381	-0.1%
Net Income	$-42,928,507	$-14,451,700	+2.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,988,082

Total Directors

$2,679,709

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
XING CHEN	PRESIDENT, CIO	39.0	Officer	$0	$161,265	$1,419,403
DR CHI VAN DANG	DIRECTOR	2.0	Director	$0	$75,277	$1,126,580
EDWARD A MCDERMOTT JR	DIRECTOR	2.0	Director	$0	$93,653	$1,045,460
AVANTIKA PATEL	VICE PRESIDENT	40.0	Officer	$0	$148,103	$719,228
ALEXANDER BORISSOV	SECRETARY	3.0	Officer	$0	$75,471	$347,419
CHRISTOPHER T CONROY	TREASURER	28.0	Officer	$0	$105,570	$345,543
JOHN L NOTTER	DIRECTOR, BOARD CHAIRPERSON	2.0	Officer Director	$75,000	$0	$156,489
JOHN D GORDAN III	DIRECTOR	1.0	Director	$30,000	$0	$93,722
DR JEDD D WOLCHOK	DIRECTOR	2.0	Director	$30,000	$0	$93,722
NICOLAS KILLEN	DIRECTOR	2.0	Director	$30,000	$0	$40,934
JUDGE BARBARA S JONES	DIRECTOR	2.0	Director	$30,000	$0	$40,934
DR NANCY ELLEN DAVIDSON	DIRECTOR	2.0	Director	$30,000	$0	$40,934
ALEXANDRA JOHNSON	DIRECTOR	2.0	Director	$30,000	$0	$40,934

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$34,011,187	$76,939,694	$1,806,261,123	$-42,928,507
2022	$69,314,681	$83,766,381	$1,719,889,219	$-14,451,700
2021	$149,523,718	$52,183,278	$2,137,247,231	$97,340,440
2020	$86,965,441	$65,784,291	$1,976,999,136	$21,181,150
2019	$88,046,820	$60,476,006	$1,582,070,691	$27,570,814
2018	$105,267,283	$47,852,732	$1,395,337,849	$57,414,551